The Newhouse family’s Advance Publications, owners of Conde Nast, are close to a deal to purchase Golf Digest and three other golfing magazines from the New York Times Company, The Post has learned.

Conde Nast has all but wrapped up a deal for $300 million to $400 million, which is now awaiting signatures. But things could still unravel if a higher bid surfaces.

On Friday, The Wall Street Journal online edition reported that the Times Company had approached AOL Time Warner, owners of Sports Illustrated and Golf magazine, and Advance Publications, owners of Conde Nast Publications including GQ, Vanity Fair and Vogue, about buying the group.

The Golf Digest title is the No. 1 title in a competitive field.

For the Times to be selling off the highly profitable magazines marks a sudden reversal of fortune.

Although it sold off its once sizable magazine holdings over the past decade – a group that once included Sail and Tennis, Family Circle and McCall’s – the Times had always said it was going to stick with the golf publications. For the nine-month period ending Sept. 30, the magazine group had an operating profit of $17.6 million on sales of $91 million.

In an unusual alliance, the Times had tried to team up with American Media last year in an effort to win the auction for the Times Mirror Magazine Company, which included rival Golf magazine. But as American Media scrambled to up the ante, the auction was declared over and Time Warner was declared the winner for $475 million in October.

Officials for Conde Nast, the Times Company and Time Inc. declined to comment on the Golf Digest reports.